This article first appeared in The Edge Financial Daily, on October 23, 2015.
Ideal Sun City Holdings Bhd (-ve)
PENANG-BASED Ideal Sun City (Fundamental: 3/3, Valuation: 0.3/3) jumped 2 sen or 4.3% to close at 48.5 sen yesterday, triggering our momentum algorithm for the first time. Notably, the company released a good set of results a day earlier.
For 3Q2015, revenue jumped 78.1% to RM3.2 million while net profits surged 75.7% to RM1.4 million. This was due to higher income from the company’s business of providing project management services.
This business, which Ideal Sun City diversified into in 2012, offers project design evaluation, value engineering and construction management services to the property development industry. The company was previously involved in the propagation of ornamental plants business, which ceased in 2014.
Note that on October 19, Dato’ Lim Tek Lin ceased to be a substantial shareholder in the company after disposing 7,173,682 shares. Company filings previously listed Dato’ Lim as the company’s third largest shareholder with 14.9 million shares or a 9.1% stake as of April 20.